Stock market begins week on red zone as investors lose N12bn

The Nigerian Equities Market started the week on a negative note as the All Share Index (ASI) marginally shed 0.05 per cent to peg the ASI at 43,230.34 basis points.

Consequently, on Monday, investors lost N12 billion from their investments at the Nigerian Exchange Limited as the negative sentiments pegged the equities market capitalization at N22.560 trillion.

This outing brought the month-to-date and year-to-date outings of the All-Share Index to stand at 2.83 per cent and 7.35 per cent respectively.

Market breadth closed in favour of the bulls with 20 counters in the gainers’ chart pitted against 14 counters in the losers’ chart.

Cutix, Livestock, Mutual Benefit, Japaul Gold and Prestige Insurance were the best performing stocks in the session as they populate the top five gainers’ chart.

From the rear of the chart Veritas Kapital, FTN Cocoa, Royal Exchange, Regal Insurance and Chams populated the top five losers’ charts.

Key sectorial indices recorded mixed performance, with the Oil and Gas sector gaining 0.08 per cent to become the best performing sector, as the Banking sector loses 0.37 per cent to become the worst performing sector.

Market activity as measured by both volume and value of trades lost weight in the session with daily traded volume standing at 293 million units, representing 6.80 per cent decrease from a volume of 315 million units traded in the previous session.
Value of traded stocks waned by 7.75 per cent in the session to stand at N4.289 billion as against a value of N4.649 billion recorded in the previous trading session.

Market activity for the session was dominated by the financial sector, with FBN Holdings being the most traded stock, as it is flanked by Access Bank, FCMB, Guaranty Trust Holding Company and Zenith Bank.

With regards to the value of traded stocks, FBN Holdings, MTN Nigeria, Guaranty Trust Holding Company, Access Bank and Zenith Bank made up the top five performers.

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